[BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast)

[pedrog]

Two of ID members are currently in Canada, preparing the DC and waiting for full scale production to start.

Did I miss where the farm's location changed to Canada from Europe?  This is not reflected on the first post of this thread.

This. There should be an official newsfeed of this to inform investors what is happening.

Hopefully everyone remembers the IPO filing stated that no dividends would be payed to private shares until all public shares got an accumulated dividend of at least the IPO share price... (I'm not 100% sure, but there was something like that in it.) Most probably someone will have a backup of the IPO filing from BitFunder to find the exact conditions. Maybe these documents should be published on the icedrill.io website as well.

You are correct, you need to look a few pages back for confirmation.

[VolanicEruptor]

Two of ID members are currently in Canada, preparing the DC and waiting for full scale production to start.

Did I miss where the farm's location changed to Canada from Europe?  This is not reflected on the first post of this thread.

This. There should be an official newsfeed of this to inform investors what is happening.

Hopefully everyone remembers the IPO filing stated that no dividends would be payed to private shares until all public shares got an accumulated dividend of at least the IPO share price... (I'm not 100% sure, but there was something like that in it.) Most probably someone will have a backup of the IPO filing from BitFunder to find the exact conditions. Maybe these documents should be published on the icedrill.io website as well.

Oh man that sounds like such a ripoff for them considering we will never make the IPO back

[DeaDTerra]

Two of ID members are currently in Canada, preparing the DC and waiting for full scale production to start.

Did I miss where the farm's location changed to Canada from Europe?  This is not reflected on the first post of this thread.

This. There should be an official newsfeed of this to inform investors what is happening.

Hopefully everyone remembers the IPO filing stated that no dividends would be payed to private shares until all public shares got an accumulated dividend of at least the IPO share price... (I'm not 100% sure, but there was something like that in it.) Most probably someone will have a backup of the IPO filing from BitFunder to find the exact conditions. Maybe these documents should be published on the icedrill.io website as well.

Oh man that sounds like such a ripoff for them considering we will never make the IPO back

This was mentioned previously, to be closer to the production of the HashFast units we moved Datacenter to Canada.
Now we are a lot closer to Ciara then the previous farm, which will allow us to avoid shipping delays and costs.

I will check if Will can provide us with the Bitcoin address they have connected the units to, as well as the pool info so you can follow as we connect units.
Right now we only have test units going,
We are still waiting for full production.

Everything mined will go to the public shareholders, nothing will go to the private shareholders as agreed.

We have pictures and documentation, but I need to check what information we are allowed to disclosed (specs of units, pictures of units etc).
We will have a update available for you guys shortly
//DeaDTerra

[DeaDTerra]

Hey guys!
I got a picture for you,

Will and the guys are writing a review/summary of the tech that they have received, which will contain information on the tech.

We are very happy with the tech though, it is very impressive and works well.
That's all I have for now, I will keep feeding you guys more information as it comes in
//DeaDTerra

[babybonobo]

You're awesome DT...I knew I could count on you.  Thanks for the pic and the updates!

[DeaDTerra]

You're awesome DT...I knew I could count on you.  Thanks for the pic and the updates!

No problem sorry about the slow updates some times,
It is hard to push updates out as I have to confirm with several sources before I can post
//DeaDTerra

[Dexter770221]

So many empty U's

[DanyAC]

Thank you for the updates!!

[Flashman]

Awwww, they look lonely, hope they get some friends soon.

[raskul]

good to read an update that didn't include any whinging and moaning.

while i'm at it, i'm going to put in my 2p on current conversations...
here's a hypothetical one for you;

If I instruct my bank (in the UK) to transfer $xxxx to a US manufacturers bank for a purchase order, the transfer costs me £xxxx and the exchange rate is x.xx etc etc

Eventually I decide that I want a refund and the company I sent the purchase order to refunds the exact amount of $USD as they received at the time of purchase.

Unfortunately the exchange rate at time of refund has dropped and I lose £xxx due to the exchange rate

who's fault is it that I lost money?

is it the producer of the product? NO.
is it the bank for reducing their exchange rate? NO

I don't anticipate any judge in the universe ruling in favour of a full BTC repayment to HashFast pro-order customers at current rates of exchange.
well, that's my 2p...
good luck with your venture DT

[Jutarul]

I don't anticipate any judge in the universe ruling in favour of a full BTC repayment to HashFast pro-order customers at current rates of exchange.
well, that's my 2p...
good luck with your venture DT

The issue is not about a refund anymore. It's about an undelivered product and HF has to replace the opportunity.

The promise pushed forward by HF since August was that their customers will not take a hit to their opportunity. The opportunity here is the difference between spending and not spending their bitcoins with HF.

First they did that with a close to the edge priced product (in terms of bitcoin ROI) based on a timely delivery in october. Later they upgraded that promise by offering a MPP and promising delivery to the end of the year. Actions speak louder than words, which can be twisted and turned (something they even try now).

HF has a liability on their books and they're doing everything they can to get rid of it. The same deceptive strategies they applied during their marketing now is used in their legal resolve. I expect them to prolong this tactics as long as they need to get the books cleaned up. After then it depends on the level of criminal energy within HF. If they turn "sober", they will likely clean up their marketing and replace it by a more honest approach and offer transparent contracts, with clear refund conditions and penalties for non-delivery denominated in USD.

[raskul]

I don't anticipate any judge in the universe ruling in favour of a full BTC repayment to HashFast pro-order customers at current rates of exchange.
well, that's my 2p...
good luck with your venture DT

The issue is not about a refund anymore. It's about an undelivered product and HF has to replace the opportunity.

don't get me wrong, i totally agree that these timescale promises should never have been made in the first place, but from reading others posts, and looking at the legal documents which have been submitted in relation to the case, it does smack a bit of...

'ooooh look how much I could have had if i'd kept my BTC'

courts don't appreciate if's and but's and this could easily be the downfall of any legitimate case.

the facts remain, refunds are being offered... and I also think there should be 'some' recompense made to customers who have not received batch1, but the amounts being demanded are just a bit silly, really.

[Jutarul]

The issue is not about a refund anymore. It's about an undelivered product and HF has to replace the opportunity.

...
'ooooh look how much I could have had if i'd kept my BTC'

courts don't appreciate if's and but's and this could easily be the downfall of any legitimate case.
...

No. Opportunity works both ways. If bitcoin had crashed in the meantime the opportunity of holding on to your bitcoin would have suffered the same damage. Thus your argument applies to a different kind of opportunity, which is the ability to sell your bitcoins right before the price crashes for USD.

When the customers payed for the order with bitcoin they gave up opportunity 2 (BTC->USD) voluntarily, but they didn't give up opportunity 1 (MINING->BTC). When HF didn't deliver mining hardware they destroyed opportunity 1.

[raskul]

The issue is not about a refund anymore. It's about an undelivered product and HF has to replace the opportunity.

...
'ooooh look how much I could have had if i'd kept my BTC'

courts don't appreciate if's and but's and this could easily be the downfall of any legitimate case.
...

No. Opportunity works both ways. If bitcoin had crashed in the meantime the opportunity of holding on to your bitcoin would have suffered the same damage. Thus your argument applies to a different kind of opportunity, which is the ability to sell your bitcoins right before the price crashes for USD.

When the customers payed for the order with bitcoin they gave up opportunity 2 (BTC->USD) voluntarily, but they didn't give up opportunity 1 (MINING->BTC). When HF didn't deliver mining hardware they destroyed opportunity 1.

I concur, I just feel a sense that it could all go horribly wrong for the claimants. And yes, I know that in legal terms, if you aim for the sky you might make the ceiling... it's interesting, and i'm following keenly. Personally, i'm glad I paid HF in USD, but i'm content to take the refund offered rather than go down the route of legal proceedings.

[Jutarul]

When the customers payed for the order with bitcoin they gave up opportunity 2 (BTC->USD) voluntarily, but they didn't give up opportunity 1 (MINING->BTC). When HF didn't deliver mining hardware they destroyed opportunity 1.

I concur, I just feel a sense that it could all go horribly wrong for the claimants. And yes, I know that in legal terms, if you aim for the sky you might make the ceiling... it's interesting, and i'm following keenly. Personally, i'm glad I paid HF in USD, but i'm content to take the refund offered rather than go down the route of legal proceedings.

Personally, I don't think this will end up in court. There's just too much incentive for them to settle this out of court. If this ends up in court, not only do they risk full compensation damages, but also could be in for fraud penalties.

Payment in USD still makes them liable for missing opportunity 1. But I fully understand people who don't want to deal with the legal procedures and thus take the bait and settle now. Those people are precisely why they send these USD settlement checks - it reduces their liability without any efforts. If the customer is happy with their USD settlement, it's a win-win.

Their next offer probably entails something like a fractional bitcoin settlement, to shake off the next group of customers...

[dropt]

No problem sorry about the slow updates some times,
It is hard to push updates out as I have to confirm with several sources before I can post
//DeaDTerra

Thank-you DT.  I appreciate your timely response to my inquiries.

[Eisenhower34]

Seeing a pic of 3 units now hashing is nice and so on but its really nothing else but hot air compared to the one and only urgent question right now?

Is there any reasonable (shareholder satisfying) compensation for the delay of delivery?

Even if they deliver all their initial promised ASICs by tomorrow, its still a total fallout and noone will get his BTC back...

You are discussing this for now over 2 weeks I believe, so what can we expect?

[_mr_e]

Ya, why the hell is it taking so long to get us any kind of valuable information. I think we've all been patient but this is just getting ridiculous now.

[VolanicEruptor]

yet another attempt to take advantage of the helpless victims of the 2013 bitcointalk scamrush.

[Hoofprint]

Ya, why the hell is it taking so long to get us any kind of valuable information. I think we've all been patient but this is just getting ridiculous now.

maybe terra and will were offered their own personal Sierra's to sign a Scamfast NDA 

no seriously i think they have a offsite forum for the major shareholder's, us little fish just have to wait for the leftover scraps of information